Sibson: Employee Satisfaction with Benefits Slides in
2006

May 25, 2007 (PLANSPONSOR.com) - Employees are
slightly less satisfied with their benefits packages and
compensation than they were three years ago, according the
most recent result from Sibson's Rewards of Work
Study.

The study of 1,200 individuals revealed a marginal,
but steady decline in benefits satisfaction over the past
six years, with 69% saying they were satisfied in 2006,
compared with 70% in 2003 and 71% in 2000.

Satisfaction was down in nearly all of the five
benefits areas followed by Sibson, except time off, where
it was stagnant at 74% from 2003 to 2006. In the other
areas measured by the study, the results are as
follows:

Retirement Benefits Satisfaction, 46% in 2006,
down from 52% in 2003

Benefits Level Satisfaction, 64% in 2006, down
from 66% in 2003

Benefits Administration Satisfaction, 58% in
2006, down from 62% in 2003

Health Care benefits satisfaction, 54% in 2006,
down from 60%.

Workers were barely more satisfied with 2006
compensation than benefits, with 70% saying that was the
case, compared to 71% in 2003 and 72% in 2000.

The study indicated that the most common health
care coverage offered by employers was a PPO (57%),
followed by a health maintenance organization (HMO) or
point of service (POS) (36%), consumer-driven health plan
(16%), retiree medical coverage (9%). Four percent of
respondents said their employer offered no form of health
coverage.

In terms of retirement savings accounts, the most
common by far was a 401(k) plan or some other form of
defined contribution plan, with just more than
three-quarters of respondents who said their employers
offered the benefit. Defined benefits plans were offered
by 29% of employers, hybrid/cash balance plans, by 5% and
an equal amount said their employer offered no retirement
plan (5%).